ACCC urged to investigate Brisbane petrol prices

Minister for Energy, Biofuels and Water Supply Mark Bailey has urged the ACCC to open an official investigation into Brisbane’s petrol prices.

It comes as the national consumer watchdog reportedly said they’d take a closer look at Brisbane’s fuel market but stopped short of promising a full formal investigation.

Mr Bailey said it was unacceptable that Brisbane petrol prices are consistently higher than Sydney, Melbourne, Adelaide and Perth.

“Petrol prices are at their lowest in 14 years due to historically low crude oil prices and international refined petrol prices, but retail margins are at a record high. Clearly, this is not being passed on to Queensland motorists,” Mr Bailey said.

“Drivers have been copping it for years, now is the time for them to get a fair go.

“The ACCC’s Chairman Rod Sims has said they’ll take a look at why this is the case, admitting that Brisbane drivers are paying too much and that they can’t see any explanation other than higher profits.

“Taking a look isn’t enough in my opinion, it doesn’t go far enough. He’s admitted Brisbane motorists are being price-gouged. 

“We need a full investigation into why Brisbane drivers are being ripped-off at the bowser. 

Mr Bailey said the ACCC’s June quarter report showed that Brisbane petrol prices were on average 5.2 cents per litre higher than in those other four cities, mostly due to petrol retailers getting higher gross retail margins.

“The ACCC has the expertise and compulsory information gathering powers needed to properly investigate petrol markets, as well as the power to take action,” he said.

“The Palaszczuk Government held a Petrol Prices Roundtable in March and I wrote to the ACCC on behalf of motorists asking them to scrutinise the Queensland fuel market with the required resources as soon as possible. 

“In response, the ACCC announced that Cairns would be the location of their fourth regional petrol price investigation – and that investigation is currently underway.

“It’s clear that we also need one in Brisbane.”

ENDS

Media contact: Zoe Russell – 0428 079 640